Choice of Optimal Model for Functioning of State Regulator of Security Market in Ukraine

On 1 August 2014 Finance Ministry of Ukraine brought up for public discussion a bill which envisages set-up of a single authority in the sphere of regulation of security market and finance service market – National Committee for Financial Supervision, and distribution of powers between this regulator and National Bank of Ukraine. The article is devoted to search of optimal model for functioning of state regulator of security market. The features are shown in transformation of National Committee for Securities and Stock Market in the light of recent legislative changes. Consequences of legislative innovations are estimated for the stock market and for country’s economy on the whole in case they are introduced. An alternative approach is considered to state regulation of security market and finance service market by set-up of mega-regulator on the basis of National Bank of Ukraine. Foreign experience is elucidated in state regulation of security market and finance service market, and also possibilities of its adaptation to Ukraine.